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10th April 2022

Insurance Newslink Global Trends-Editor's Weekly Highlights

This week, scientists in the latest Intergovernmental Panel on Climate Change(IPCC) report said In 2010-2019 average annual global greenhouse gas emissions were at their highest levels in human history, but the rate of growth has slowed- without immediate and deep emissions reductions across all sectors, limiting global warming to 1.5°C is beyond reach-however, there is increasing evidence of climate action. Zurich reported it aims for net-zero target in operations by 2030, and Marsh McLennan is charting a path to net-zero by 2050. WTW reported that energy transition is being accelerated by events in Eastern Europe, and the Verisk Climate Advisory Council was formed. Facing record low bond yields, insurers are increasingly turning to alternative assets in search of higher yields, according to new research from Clearwater Analytics(CWAN). The German general insurance industry is estimated to reach $229.6bn in 2026 supported by strong fiscal measures, according to GlobalData.
The House of Lords Industry and Regulators Committee wrote to the Economic Secretary to the Treasury, John Glen MP, following its inquiry into commercial insurance and reinsurance regulation. The Minister gave evidence to the Committee as part of its inquiry on 31st March-the Committee outlined the concerns it heard from the industry about a lack of proportionality in the regulation of the London Market by the Financial Conduct Authority(FSA) and the Prudential Regulation Authority(PRA), which was described as overly demanding and burdensome. The Committee also outlined the evidence it heard that an overly inflexible culture within the regulators may have inhibited the development of new forms of business within the UK commercial insurance and reinsurance industry, such as insurance-linked securities and captives. Insurance Europe outlined its role in ensuring adequate and affordable long-term care coverage, and suggested ways to develop this further-it also reported that a Global group of associations have called for swift implementation of new Trans-Atlantic Data Privacy Framework; stressing the importance of data transfers for the EU economy. The Chartered Insurance Institute launched FutureMe, a career development platform for insurance and financial planning professionals. The Financial Conduct Authority(FCA) launched a new three-year strategy that prioritises resources to prevent serious harm, set higher standards and promote competition-Matthew Connell, director of policy and public affairs of the Personal Finance Society(PFS), said “The FCA wants to ensure firms have adequate capital and reserves to cover any potential liabilities should they fail. The PFS will be working closely with the regulator on how it can strike the balance between ensuring firms most at risk of collapse hold sufficient reserves to compensate their customers in the future if necessary."
Davies strengthened its technology offering and accelerated into the regulatory technology market through the acquisition of Worksmart. Majesco announced the general availability of the Spring 22 release of its P&C Core Suite, and Applied Underwriters selected Sapiens to transform reinsurance administration.
Swiss Re reiterated at its Investors Day its target to increase the Group’s US GAAP ROE to 14% in 2024. OMINVEST’s Insurance Subsidiary, NLGIC, is to acquire RSA Middle East. There were senior appointments at Aviva, Beazley, Tokio Marine Kiln(TMK), and Marsh.


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